Daily Fantasy Sports: A Complete Guide

If you live in the United States then there's a very good
chance you're at least vaguely aware of the existence of daily
fantasy sports (DFS). You might have heard people talking about
the subject, or read websites where the subject has been
mentioned. If you watch much TV, you've almost certainly seen
the commercials for daily fantasy sports sites that seem to be
shown all the time.

You may well be aware of DFS if you live in other parts of
the world, we just mention the US because it has become a huge
phenomenon there. Its popularity is literally exploding, not
least because it's an entirely legal form of gambling. Gambling
online from the US can be something of a challenge due to the
complex legal situation, but fantasy sports can be played on the
internet for real money without any fear of breaking the law.

Most states in the USA treat games of skill differently than
games of chance. That's why there's so much controversy over
poker—legislators and courts are struggling to decide how much
of the outcome in a poker game is owed to chance versus skill.
On the other hand, if you're shooting pool, playing golf, or
playing darts, these are clearly games where skill predominates.
Fantasy sports are also games where skill predominates, and that
makes these contests legal in most states.

You don't have to be an experienced gambler to enjoy playing
daily fantasy sports, as it appeals to all kinds of different
people. There are few activities on the internet that are more
fun than playing fantasy sports, and even less that also offer
the chance to win some money. We strongly recommend trying it
for yourself, but not before you fully understand what's
involved.

That's why we've produced this daily fantasy sports guide. It
covers all aspects of this popular pastime, including the best
places to play fantasy sports online. It will even help to
improve your chances of winning money, as there's plenty of
strategy advice included. You can see the full contents of the
guide below, and further down this page we've provided detailed
information on everything you need to know to get started.

Daily Fantasy Sports: An Introduction

In our introduction to daily fantasy sports we're going to
cover a few things that you should really know before you get
started. To begin with we look at the main reasons for playing,
and we then provide an overview of how everything works. We also
list the different sports available, and the different types of
contests you can play in.

Why Play Daily Fantasy Sports?

The Fun

Playing fantasy sports is a great deal of fun. It's a great
way to put your sports knowledge to the test against other
sports fans.

The Money

If you're good enough, there's money to be won from playing
fantasy sports. It's even possible to make a full time living
from it.

The Law

In most parts of the world, fantasy sport contests are not
considered games of chance. This usually means they are
completely legal to play.

The Time

Learning how to play fantasy sports doesn't take long at all.
It doesn't take long to get signed up online and start playing
either.

How Daily Fantasy Sports Work

One of the most appealing aspects of daily fantasy sports is
that it's really quite simple. If you're at all familiar with
regular fantasy sports then you'll understand it right away.
There are a few differences between DFS and regular fantasy
sports though, and we explain those further down this page.

It's not difficult to learn how to play daily fantasy sports
even if you've never played fantasy sports at all, as the
fundamental principle is very straightforward. The idea is that
you create a "fantasy team" by picking from a pool of real
players, subject to various rules about how much you can spend
and which positions you must select. Your fantasy team then
earns points based on how the actual players perform in real
games.

Regular fantasy sports leagues typically last an entire
season, and are played by groups of friends or colleagues. Daily
fantasy sports contests, however, take place over a single round
of games, and are played online at specialist sites. Anyone can
join these sites, known as daily fantasy sports sites, and pay
money to enter any contests they wish to take part in. All the
entry fees paid by players taking part in a contest go towards a
prize pool, which is then paid out to the winner(s) of that
contest.

Available Sports

The sports that are most widely available in this format are
as follows.

Baseball

Basketball

Football

Hockey

You'll find these at most daily fantasy sports sites, but
they're not the only ones available. Some sites offer different
sports too, and have contests for people who love golf, mixed
martial arts, NASCAR and soccer.

Top Tip

Most sites offer both professional and college
football and basketball, and this presents an opportunity.
Sports fans are generally more knowledgeable about what's going
on in the NFL and the NBA than they are the college football and
basketball games. If you really know your college sports, you
can get an edge over the players who don't.

Types of Contest

There are several different contests available at daily
fantasy sports sites, although most of them can be broadly
categorized into two specific types. These are as follows.

Cash Games

Tournaments

You'll find all kinds of subcategories and niches within
these two broad types of contests, although you don't need to
worry about that for now. You just need to understand the basics
of how cash games and tournaments work.

Cash Games

The most common form of cash games are 50/50s and head to
heads. In both of these contests you have a 50% chance of
winning money, although this doesn't take into account your
skill levels and the skill levels of your opponents. In a 50/50
contest, all the entrants with scores in the top 50% receive an
equal payout. If ten players enter a 50/50, for example, then
the prize pool is split between the five players who have the
highest scores.

A head to head, which is typically referred to as a H2H, is
basically just a 50/50 contest with only two entrants. The
player with the highest score out of the two wins the prize
pool.

Tournaments

Tournaments are contests that generally feature more
entrants, with only the top few players getting prizes. A
tournament with 100 entrants, for example, might award prizes to
the top fifteen players. The first placed finisher would get the
largest share of the prize pool, the second placed finisher
would get a lower share, the third placed finisher an even lower
share, and so on.

The strategy required for tournaments is very different from
the strategy required for cash games. To win first, second, or
third place in a large field of competitors requires a different
drafting strategy than just trying to land in the top 50% of the
field.

Getting Started With Daily Fantasy Sports

Getting started with daily fantasy sports isn't as hard as
you might think. In fact, it's pretty easy.

Step 1

Join a Daily Fantasy Sports Site

The first step is to find somewhere to play. We've written
detailed reviews of the various options available (these are
listed near the top of this page), and you can read through
those if you want to find out what each site has to offer.

Once you've chosen a site, you then need to open an account
with them. This involves simply providing a few pieces of
information such as your name, address, telephone number and
e-mail address. You'll have to choose a username and password as
well. With an open account, you'll be ready to make a deposit
and start playing.

Step 2

Make A Deposit

One of the frustrations that poker players, sports bettors,
and casino players can face is getting money into their accounts
at online gambling sites. This can be a challenge in some parts
of the world, especially the United States. There are no such
problems at daily fantasy sports sites though. Most of them
accept PayPal and major credit cards like Visa and MasterCard,
and it's a simple matter of entering the relevant payment
details and choosing how much to deposit.

Something to look out for when making an initial deposit at a
site is any sign up bonus that might be available. Most sites
incentivize new sign ups by offering a matching bonus of some
kind. For example, depositing $600 might earn a $600 bonus. This
bonus money doesn't get credited to your account immediately
though, it's released over time by participating in contests.
The rate at which a bonus is released varies by site.

Step 3

Enter A Contest

Entry fees for contests can be as low as a dollar and as high
as $10,000. Of course, the prize pools for these contests are
made up of the entry fees, so the higher the buy-in, the more
prize money. If you're just getting started, we'd recommend
sticking with the lower buy-in contests until you get a feel for
how everything works.

Step 4

Draft Your Team/Roster

Once you've signed up for a contest, you'll be taken to a
page listing all the available players. You now have to draft
your team/roster from these players. The interface for selecting
players is quick and intuitive at all the major sites. There's
usually an option to sort players by position or by cost, and
position and cost are both important things to consider.

There will be requirements for certain positions that have to
be filled when drafting a team. In a fantasy football contest,
for example, you'll need a quarterback, two running backs and
probably three wide receivers. You'll also need to include a
tight end and a kicker, and you'll have to draft a defense. In
some cases there might be a flex or utility position, where you
can pick up an extra running back, wide receiver, or tight end.
The exact position requirements vary depending on the site being
used and the relevant sport, but there will always be specific
rules to adhere to.

There will also be a salary cap, so you'll only be able to
spend a certain amount on drafting players. Again, the size of
the cap will depend on the site and the sport. Your job is to
get the best value for your "dollar" when drafting players. The
strategy articles we've written can help with this.

Step 5

Check The Results

With the draft complete, it's then just a matter of waiting
until all the relevant games have been played. You can then log
in to your account to check the results of the contest you
entered and see how you did. Any prize money won will be
automatically be added to your account.

Daily Fantasy Sports Vs Regular Fantasy Sports

If you're considering getting started in daily fantasy sports
then you're probably already familiar with traditional fantasy
sports leagues. These have been around for a long time now, and
they have always been very popular. At least 22% of Americans
have participated in at least one fantasy league at some point
in their lives, and nearly 30 million of them play every year.
It's not just Americans who play either. Fantasy soccer leagues
are huge in the United Kingdom for example, and there are many
other parts of the world where fantasy sports leagues are
widespread.

Don't worry if you haven't played in fantasy sports leagues
before, as it's not a requirement for playing daily fantasy
sports. If you have, though, you shouldn't assume that daily
fantasy sports are going to be easy, even if you're a great
player in season-long leagues. Such an assumption might lead to
frustration if it turns out that your experience doesn't
translate into instant success when playing daily fantasy
sports.

Try to bear the following two points in mind.

Daily fantasy sports resemble season-long fantasy games a LOT.

Daily fantasy sports are totally unlike season-long fantasy games.

Wait a minute, you're probably thinking. Isn't this a
contradiction? Yes, it is, but there's a quote from F. Scott
Fitzgerald that applies here.

The test of a first-rate intelligence is the ability to hold two
opposed ideas in mind at the same time and still retain the ability
to function.

What we're trying to illustrate here is that you don't need
to worry about the contradiction. The simple fact is that daily
and season-long fantasy sports are very similar in some ways,
and very different in others. They are more similar than
different really, as the fundamental principle is very much the
same for both. The idea is to draft players, score points based
on the performances of those players, and beat the opponents in
your league.

It's advisable to understand the differences though, so let's
take a look at the main ones. Some of them are small, but some
of them are quite significant.

The Prizes

A lot of season long fantasy football leagues are played just
for bragging rights. You won't find many - if any - daily
contests played for bragging rights. They are all played for
real money, so these are the contests for you if you want to try
to make a profit from your sports knowledge.

Daily fantasy sports have an advantage even over season-long
leagues that are played for money; they offer quick payouts. Do
you really want to wait an entire season for a shot at the prize
pool, when the chances of winning may not be that great? Or
would you rather wait 24 to 72 hours for a 50/50 shot at the
prize pool? If you chose the latter, there are plenty of daily
fantasy contests that fit the bill. If you prefer going after
larger prize pools, and are happy with a smaller chance of
winning, there are those kinds of tournaments available too. You
can still get the big prize in a day or two instead of waiting
for two or three months.

Time Commitment

A season-long fantasy sports league can be a huge time
commitment, especially for a sport like baseball where you have
to set a roster every day. Even a season of fantasy football
requires a good bit of management, such as dealing with
injuries, trade offers, and free agents. Plenty of folks give up
on their fantasy leagues purely because of the time they have to
spend on them.

With daily contests, you only need enough time to draft a
team and to log in later to view the results. That's a huge
selling point. If you don't have much time available in any
particular week, you can still probably fit in a contest or two.
If you're completely swamped and have no free time at all, you
can just not play at all. It's not like a season-long league
where taking a week or two off could harm your chances.

Drafting Rules

In a season-long league, if you draft a player then no one
else can get him. In daily contests there are no such
restrictions. Everyone drafts from the same pool of players, and
anyone can draft a player even if other entrants have already
drafted him. In fact, when you draft your team for a daily
contest, you don't even get to see who the other entrants have
drafted until after kickoff or the first pitch. You might even
have the exact same team as one of your opponents.

Another potential difference in the rules is related to
salary caps. Some season-long leagues impose these, but not all
of them. Daily contests always use a salary cap though, and this
affects the required strategy in multiple ways.

Social Factor

Finally, many season long drafts are held in person at
someone's house, a restaurant, or a bar. Daily fantasy sports
use only online drafts. If you're playing for social reasons,
you'll want to put points in the season long pros column for
that one. On the other hand, you might prefer the relative
anonymity and solitude of the online draft.

An Important Point

We're going to finish up by making a very important point.
Daily fantasy sports might not be considered a form of gambling
in the traditional sense, but it still involves risk. It doesn't
matter how good you are at drafting a team, or how encyclopaedic
your sports knowledge is, there is always a chance that you're
going to lose some money.

This doesn't have to be a problem, as long as you always
remain in control and don't spend money that you can't afford to
lose. If you're just playing for fun, make sure that it stays
fun. If it starts becoming a drag or a chore, take some time off
and pursue other hobbies. If you're one of the few people able
to make a full time income from fantasy sports, make sure that
you maintain your discipline at all times.